If you were a contestant on a game show, you could probably remember the catchy slogans for multiple different motor vehicle insurance companies or give the names of their mascots and the recurring characters in their commercials if that were a trivia question.
Insurance companies invest so much money in cultivating their public appearance in part because they want consumers to trust them unquestioningly. People who think that the insurance company will act in their best interests are more likely to accept settlement offers or to take statements by an insurance adjuster at face value.
When you need to handle a major claim because of a car accident, it’s important to recognize that the insurance company’s main concern is protecting their profit margin, not limiting your losses from the wreck.
Insurance companies will try to pay as little as they can
The driver who hurt you paid for a specific amount of coverage. The insurance company only has to offer you at most the maximum value of their policy. Many times, the company will try to find reasons to pay even less than that.
Someone interviewing you about a claim might try to trick you into admitting fault for the crash or apologizing to them. They might offer you a car accident settlement that seems generous but will actually amount to far less than your total costs for the crash. What you don’t know when talking to an insurance worker can hurt you.
People often don’t realize that little things they say in an interview with the insurance company could they also may not fully understand the way that a settlement works. If someone doesn’t realize that they can never request more compensation from the insurance company again, they might scrutinize a settlement offer a little more carefully.
How can you protect yourself from insurance company tricks?
When you already have an injury and have to deal with stress because of your financial circumstances, you are already at a disadvantage when it comes to negotiating with an insurance company. It is important that you would know your rights, such as your right to appropriate compensation based on the value of the policy.
Learning about insurance company obligations to consumers and what constitute bad faith insurance practices could also help you spot signs of manipulation or unfair practices before they affect your claim for a crash-related injury.